The Europeans were exposed to new technologies, inventions, and ideas as well as old ones that had been lost and forgotten in Europe for centuries. The arrival of Muslim innovations in medicine and science helped Europeans catch up to the rest of the world. Politically, many leaders left Europe to focus on the crusades and were unable to respond to uprisings in their homeland or appointed others to rule in their absence. The crusades eroded the power of the feudal aristocracy and elevated the role of kings. The Papacy became more powerful and it's church became much wealthier. International trade increased and there was a new demand for foreign goods. It also reawakened Europe's curiosity, driving them to discover and explore new places, create new inventions, and innovate new ideas.
Monopoly : has one supplier of a product. The seller here has market power and can control both price and quantity
Collision: when competing firms make a secret agreement to try to control a market. Collusion (practiced by cartels) is illegal in the United States. It reduces the level of competition in a market. Is more difficult in markets with large numbers of buyers and sellers.
Monopolies and collusion among sellers:
eliminate competitionIn industries with less competition, prices are likely to be higher
